Laserfiche WebLink
<br /> on such Bonds to maturity or to the date fixed for prior <br /> redemption of such Bonds, and to pay such other amounts as may <br /> be reasonably estimated by the Paying Agent/Registrar to <br /> become payable under this Ordinance, including the <br /> compensation due or to become due the Paying Agent/Registrar; <br /> and <br /> (ii) providing the Paying Agent/Registrar with an <br /> opinion of nationally recognized bond counsel acceptable to <br /> the Paying Agent/Registrar to the effect that the deposit <br /> specified in subdivision (i) of this subsection (a) will not <br /> cause the interest on the Bonds to become subject to federal <br /> income taxation. <br /> (b) Subject to subsection (c) of this Section, upon <br /> compliance with subsection (a) of this Section, the Bonds for which <br /> provision is so made shall no longer be regarded as outstanding and <br /> unpaid, and the Paying Agent/Registrar, upon receipt of a letter of <br /> instructions from the City requesting the same, shall discharge and <br /> release the lien of this Ordinance and execute and deliver to the <br /> City such releases or other instruments as shall be requisite to <br /> release the lien hereof. <br /> (c) Before the discharge and release of the lien of this <br /> Ordinance pursuant to this Section, provision shall have been made <br /> by the City with the Paying Agent/Registrar for: <br /> (i) the establishment of a separate escrow account <br /> fund with the Paying Agent/Registrar for the deposit pursuant <br /> to subsection (a)(i) of this Section; <br /> (ii) the payment to the Holders at the date of <br /> maturity, of the full amount to which the Holders would be <br /> entitled by way of principal, premium, if any, and interest to <br /> the date of such maturity or prior redemption; <br /> (iii) the investment of such moneys by the Paying <br /> Agent/ Registrar in direct obligations of the United States of <br /> America, including obligations the principal of and interest <br /> on which are unconditionally guaranteed by the United States <br /> of America, which may be in book entry form, maturing and/or <br /> bearing inte.rest payable at such times and in such amounts as <br /> will be sufficient to provide for the scheduled payments of <br /> such bonds; <br /> (i v) the sending of written notice by registered or <br /> certified United States mail to the Holder of each Bond then <br /> outstanding within 30 days following the date of such deposit <br /> that such moneys are so available for such payment; and <br /> 4l77f <br /> -26- <br />